Mortgage rates were steady to slightly higher yet again today. This reinforces our sense from yesterday that rates may have already found their post-Fed floor. The thing that makes today's modest weakness somewhat surprising is the fact that underlying bond markets actually suggested rates could improve. Actually, it would be more surprising to see this during a more normal time of year for the mortgage market. On the days leading up to the Christmas holiday, it's not uncommon to see lenders being a bit more conservative with mortgage rate offerings. In the bigger picture , rates are still very close to their lowest levels in months. In fact, with the exception of the past 2 days, today's rates are easily the lowest since the beginning of September. In general, if the broader economy (and the

December 21, 2018 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.29% +0.02%   6.11% 7.26% 15 Yr. Fixed 5.72% +0.02%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Dec 21, 2018 Mortgage Rates Modestly Higher Despite Stronger Bond Market Fri, Dec 21, 2018 3:59PM Mortgage rates were steady to slightly higher yet again today. This reinforces our sense from yesterday that rates may have already found their post-Fed floor. The thing that makes today's modest weakness somewhat surprising is the fact that underlying bond markets actually suggested rates could improve. Actually, it would be more surprising to see this during a more normal time of year for the mortgage market. On the days leading up to the Christmas holiday, it's not uncommon to see lenders being a bit more conservative with mortgage rate offerings. In the bigger picture , rates are still ver... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.29% +0.02 0.00 15 Yr. Fixed 5.72% +0.02 0.00 30 Yr. FHA 6.00% +0.03 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.65% +0.02 0.00 30 Yr. VA 6.01% +0.02 0.00 Updates Daily - Last Update: 9/12 Freddie Mac Rate Change Points 30 Yr. Fixed 6.35% -0.15 0.00 15 Yr. Fixed 5.50% -0.10 0.00 Updates Weekly - Last Update: 9/11 Mortgage Bankers Assoc. 30 Yr. Fixed 6.49% -0.15 0.56 15 Yr. Fixed 5.70% -0.14 0.55 30 Yr. Jumbo 6.44% -0.14 0.48 Updates Weekly - Last Update: 9/10 UMBS 30YR 5.5 101.18 +0.05   97.47 101.61 UMBS 30YR 6.0 102.44 +0.04   99.66 102.50 10 YR Treasury 4.057 -0.009   3.621 4.780 MBS Live Day Ahead: Glut of Data and a Dash For The Door Fri, Dec 21, 2018 8:35AM One of the biggest surprises I encountered as I've learned about bond markets (and financial markets in general) over the years is just how big a role is played by human people.  There's a tendency to think that the market is so big, complex, ... (read more) MBS Live Recap: Bonds Find Floor Despite Stock Slide Thu, Dec 20, 2018 5:23PM Stocks and bonds haven't necessarily been joined at the hip for every moment of every day recently, but there's been enough correlation to make today's market movement significant.  Simply put, big, obvious breaks to or through new lows in stocks have recently coincided with reliable rallies in bonds.  In today's case, however, bonds hit yesterda... (read more) MBS Live Recap: Bonds Side-Step Stock Drama Fri, Dec 21, 2018 4:35PM After quite a bit of stock/bond correlation in the run up to the Fed announcement (and in the few hours that followed), the two sides of the market have gone their separate ways.  This is most evident during the past two days during stock sell-offs.   For instance, starting at about 10:30am today, stocks began crashing with the S&am... (read more) MBS Price Change UMBS 5.0 99.70 +0.06 UMBS 5.5 101.18 +0.05 UMBS 6.0 102.44 +0.04 GNMA 5.0 100.03 +0.03 GNMA 5.5 101.17 +0.03 GNMA 6.0 102.04 +0.03 Pricing as of: 9/15 7:26AM EST US Treasury Yield Change 2 YR Treasury 3.549 -0.003 5 YR Treasury 3.620 -0.011 7 YR Treasury 3.806 -0.009 10 YR Treasury 4.057 -0.009 30 YR Treasury 4.677 -0.004 Pricing as of: 9/15 7:26AM EST Other News Urban Institute: QM Rule May Penalize Self-Employed Fri, Dec 21, 2018 12:50PM Households headed by self-employed persons make up about one-tenth of all households and have a median income higher than those headed by salaried persons. But, while both self-employed and salaried households were hit hard by the Great Recession, the self-employed were hit harder and have not yet fully recovered from those effects. Those households also fin... (read more) Loan Defect Report; Shutdown and Possible Impact on Lenders; Verus Non-QM Deal Fri, Dec 21, 2018 9:06AM Welcome to the Winter Solstice with more daylight in the Northern Hemisphere every day for the next six months. Today is definitely greeted by residents of Fairbanks, Alaska where the sun sets at 2:40 in the afternoon (with a high temperature of -14). More sunlight isn’t all that’s going to be happening. According to Private Communities Registry ... (read more) Latest Video Market not convinced after Fed's Williams interview, says equity trader Unexpected strength in apartment rentals Santelli Exchange: John Taylor on the Fed's balance sheet Around the Web Calculated Risk Blog Q4 GDP Forecasts: Mid-to-High 2s Reuters Williams soothes markets, says Fed listening and could change policy Reuters Republican U.S. senators: Talks under way on government funding compromise Reuters Special Report: U.S. military's new housing plagued by construction flaws CNBC Fed's Williams helps recast some views of Fed when he says it has 'eyes wide open,' is flexible NAHB Eye on Housing Consumer Spending Up, Saving Rate Down Calculated Risk Blog Reis: Apartment Vacancy Rate unchanged in Q4 at 4.8% Calculated Risk Blog Kansas City Fed: Regional Manufacturing Activity "Growth Slowed" in December Calculated Risk Blog Personal Income increased 0.2% in November, Spending increased 0.4% CNBC NY Fed President John Williams says the Fed could reevaluate view in 2019 CNBC TREASURIES-Bonds steady as threat of govt shutdown hurts risk appetite CNBC El-Erian: Fed chief Jerome Powell is trying to break the market's central bank 'co-dependence' CNBC US economy grew at 3.4% rate in the third quarter

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